Hi Seniors,
Kindly advise if, in any particular factory, ESIC is not applicable, is it legal for the factory to provide group insurance to its employees. Please clarify if under what law.
Thank you.
Regards,
Smita
From India, Gurgaon
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14Kindly advise if, in any particular factory, ESIC is not applicable, is it legal for the factory to provide group insurance to its employees. Please clarify if under what law.
Thank you.
Regards,
Smita
From India, Gurgaon
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can we change the Group health insurance policy company without disclosing the previous Group health insurance policy for the company?
From India, Pune
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From India, Pune
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I need a little more clarity on Anony's query.
1. What do you want to know about switching from one company to another? I presume that your company obtained the existing Group Insurance policy from Company 'A' and is considering switching to Company 'B' for the next year. Am I correct?
Yes, you are free to do so. However, before making the switch, you should be aware of at least two consequences:
i) I believe that if you switch to Company 'B', there may be a disadvantage. Starting fresh with them means that some of the medical benefits for your staff may only be accessible after the 2nd or 3rd year, whereas if you continue with Company 'A', your staff will be eligible after the first year.
ii) There is a provision for a 'No Claim Bonus'. If some insured staff members do not claim any insurance benefits, the insurance premium for renewing the existing policy for the next year will be lower due to the application of the 'No Claim Bonus'.
Therefore, before changing to a new insurance provider, you should carefully consider the advantages and disadvantages and make a decision. Additionally, you should consider the "cashless hospitalization" option, which is a desirable feature for any group insurance or mediclaim policy. This feature ensures that the cost of treatment is covered, alleviating the burden on both the employer and employees.
From India, Bangalore
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1. What do you want to know about switching from one company to another? I presume that your company obtained the existing Group Insurance policy from Company 'A' and is considering switching to Company 'B' for the next year. Am I correct?
Yes, you are free to do so. However, before making the switch, you should be aware of at least two consequences:
i) I believe that if you switch to Company 'B', there may be a disadvantage. Starting fresh with them means that some of the medical benefits for your staff may only be accessible after the 2nd or 3rd year, whereas if you continue with Company 'A', your staff will be eligible after the first year.
ii) There is a provision for a 'No Claim Bonus'. If some insured staff members do not claim any insurance benefits, the insurance premium for renewing the existing policy for the next year will be lower due to the application of the 'No Claim Bonus'.
Therefore, before changing to a new insurance provider, you should carefully consider the advantages and disadvantages and make a decision. Additionally, you should consider the "cashless hospitalization" option, which is a desirable feature for any group insurance or mediclaim policy. This feature ensures that the cost of treatment is covered, alleviating the burden on both the employer and employees.
From India, Bangalore
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